{"id":7707,"date":"2025-12-03T16:32:25","date_gmt":"2025-12-03T08:32:25","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=7707"},"modified":"2025-12-03T16:40:24","modified_gmt":"2025-12-03T08:40:24","slug":"wmax-%e5%b9%b4%e5%ba%95%e5%85%a8%e7%90%83%e5%a4%a7%e5%ae%97%e5%95%86%e5%93%81%e4%b8%8e%e6%b1%87%e5%b8%82%e7%9a%84%e6%b7%b1%e5%ba%a6%e8%a7%a3%e6%9e%90-%e7%be%8e%e5%85%83","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/ko\/\uc544\uce74\uc774\ube0c\/7707","title":{"rendered":"Wmax \uc5f0\ub9d0 \uae00\ub85c\ubc8c \uc6d0\uc790\uc7ac \ubc0f \uc678\ud658\uc2dc\uc7a5 \uc2ec\uce35 \ubd84\uc11d - \ubbf8\uad6d \ub2ec\ub7ec\uc758 '\ud2b8\ub9ac\ud50c \uc2a4\ud2b8\ub77c\uc774\ud06c'\uac00 \uba54\ud0c8 \uac15\uc138\uc7a5\uc5d0 \uc6b8\ub824\ud37c\uc9c4\ub2e4"},"content":{"rendered":"<p>Wmax\ub294 \uae00\ub85c\ubc8c \uae08\uc735\uc2dc\uc7a5\uc758 \uc5f0\uacc4 \uba54\ucee4\ub2c8\uc998\uc5d0 \uae4a\uc774 \uad00\uc5ec\ud558\uace0 \uc788\ub294 \uc804\ubb38\ubd84\uc11d\uae30\uad00\uc73c\ub85c\uc11c 2025\ub144\ub9d0 \uae00\ub85c\ubc8c \uc678\ud658\uc2dc\uc7a5 \ubc0f \uc0c1\ud488\uc2dc\uc7a5\uc758 \ud575\uc2ec\ubcc0\uc218\uc5d0 \ub300\ud55c \uc2ec\uce35\uc801\uc778 \ucd94\uc801\uacfc \ub2e4\ucc28\uc6d0\uc801\uc778 \ub370\uc774\ud130 \uac80\uc99d\uc744 \ubc14\ud0d5\uc73c\ub85c \ubbf8\uad6d \ub2ec\ub7ec\ud654 \uc555\ubc15\uc744 \ubc30\uacbd\uc73c\ub85c \uae08\uc18d\uac15\uc138\uc7a5\uacfc \ub458 \uc0ac\uc774\uc758 \uc5f0\uacc4\ub17c\ub9ac\ub97c \uccb4\uacc4\uc801\uc73c\ub85c \uc5f0\uad6c\ud558\uace0 \ud310\ub2e8\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. Wmax \uc815\ucc45\ub3d9\ud5a5, \uc5ed\uc0ac\uc801 \ud328\ud134, \uc218\uae09 \ud380\ub354\uba58\ud138 \ub4f1\uc744 \ud1b5\ud569\ud558\uc5ec \ub2e4\ucc28\uc6d0\uc801\uc778 \uc815\ubcf4\ub97c \ud1b5\ud574 \uc6b0\ub9ac\ub294 2025\ub144 \ub9d0\uc5d0 \uae00\ub85c\ubc8c \uae08\uc735 \uc2dc\uc7a5\uc774 \uac15\ud55c \uc5f0\uacc4 \ud2b9\uc131\uc744 \ubcf4\uc77c \uac83\uc774\ub77c\ub294 \uc0ac\uc2e4\uc744 \ubc1c\uacac\ud588\uc2b5\ub2c8\ub2e4. \uc989, \ubbf8\uad6d \ub2ec\ub7ec\ub294 \uc5ec\ub7ec \uac00\uc9c0 \ubd80\uc815\uc801\uc778 \uc601\ud5a5\uc5d0 \uc9c1\uba74\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ud558\ub77d \uc555\ub825\uc774 \uc788\ub294 \ubc18\uba74, 3\ub300 \uae08\uc18d\uc778 \uae08, \uc740, \uad6c\ub9ac\ub294 1980\ub144 \uc774\ud6c4 \uc5f0\uac04 \ucd5c\uace0\uce58\ub97c \ub3d9\uc2dc\uc5d0 \uacbd\uc2e0\ud588\uc2b5\ub2c8\ub2e4. \ubbf8\uad6d \ub2ec\ub7ec\uc758 \uc57d\uc138\ub294 \ud604\uc7ac \uae08\uc18d \uac15\uc138\uc7a5\uc744 \uc9c0\ub81b\ub300 \uc0bc\ub294 \ud575\uc2ec \uc9c0\ub81b\ub300\uc785\ub2c8\ub2e4. \ub3d9\uc2dc\uc5d0 \uae08\uc18d \uc2dc\uc7a5 \uc790\uccb4\uc758 \uace0\uc720\ud55c \uae30\ubcf8 \ub17c\ub9ac\ub294 \uc2dc\uc7a5\uc758 \ud0c4\ub825\uc131\uc744 \ub354\uc6b1 \uac15\ud654\ud569\ub2c8\ub2e4.<\/p>\n<p><a id=\"post-7707-heading_1\"><\/a><strong>\uc62c\ud574 \uac00\uc7a5 \ucde8\uc57d\ud55c \ub2e8\uacc4\uc5d0 \uc788\ub294 \ubbf8\uad6d \ub2ec\ub7ec\uc758 \"\uc0bc\uc911 \ud0c0\uaca9\"\uacfc \uacc4\uc808\uc801 \uc57d\uc138<\/strong><\/p>\n<p>Wmax\ub294 10\ub144 \uc774\uc0c1\uc758 \uc678\ud658 \uc2dc\uc7a5 \ucd94\uc801 \ub370\uc774\ud130\uc640 \ud575\uc2ec \uc815\ucc45 \ub178\ub4dc \ubaa8\ub2c8\ud130\ub9c1\uc744 \uacb0\ud569\ud558\uc5ec \ubbf8\uad6d \ub2ec\ub7ec\uac00 2025\ub144 \ub9d0\uc5d0 \uac00\uc7a5 \ucde8\uc57d\ud55c \uc6b4\uc601 \ub2e8\uacc4\uc5d0 \uc9c4\uc785\ud588\ub2e4\uace0 \ud310\ub2e8\ud569\ub2c8\ub2e4. \"\uc0bc\uc911 \ud30c\uc5c5\" \uc704\ud5d8\uacfc \uacc4\uc808\uc801 \uc57d\uc138\ub294 \uae08\uc18d \uac15\uc138\uc7a5\uc744 \uc704\ud55c \uacac\uace0\ud55c \ud1b5\ud654 \uae30\ubc18\uc744 \ub9c8\ub828\ud588\uc2b5\ub2c8\ub2e4. \uc138\uacc4 \ucd5c\uace0 \ud22c\uc790\uc740\ud589\ub4e4\uc758 \uacac\ud574\uc5d0 \ub300\ud55c \uad50\ucc28\uac80\uc99d\uacfc \uc815\ucc45\ub3d9\ud5a5\uc5d0 \ub300\ud55c \uc804\ud5a5\uc801 \ubd84\uc11d\uc744 \ud1b5\ud574 2025\ub144 \ub9d0\ubd80\ud130 2026\ub144 \ucd08\uae4c\uc9c0 \ubbf8\uad6d \ub2ec\ub7ec \uc2e0\uc6a9 \ubc0f \ud658\uc728 \ub3d9\ud5a5\uc5d0 \uc138 \uac00\uc9c0 \uc8fc\uc694 \ubd80\uc815\uc801\uc778 \uc601\ud5a5\uc774 \uc788\uc744 \uac83\uc73c\ub85c \ud655\uc778\ub418\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"450\" class=\"wp-image-7709\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256.png\" alt=\"IMG_256\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256.png 800w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256-300x169.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256-768x432.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256-18x10.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256-600x338.png 600w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>\uccab\uc9f8, \ud604 \ubbf8\uad6d \ud575\uc2ec \uacbd\uc81c \uc815\ucc45\uc758 \uadfc\uac04\uc778 \uad00\uc138 \uc815\ucc45\uc758 \uc801\ubc95\uc131\uc5d0 \ub300\ud55c \ubbf8 \ub300\ubc95\uc6d0\uc758 \ud310\uacb0\uc5d0\ub294 \ubd88\ud655\uc2e4\uc131\uc774 \ud06c\ub2e4. \ubd88\ubc95\uc73c\ub85c \ud310\uacb0\ub418\uba74 \ubbf8\uad6d \ub2ec\ub7ec\uc5d0 \ub300\ud55c \uc2dc\uc7a5\uc758 \uc2e0\uc6a9 \uae30\ub300\uac00 \uc9c1\uc811\uc801\uc73c\ub85c \uc57d\ud654\ub420 \uac83\uc785\ub2c8\ub2e4. \uc774\ubc88 \ud310\uacb0\uc740 Standard Bank\uc758 G10 \uc804\ub7b5 \ucc45\uc784\uc790\uc778 Steven Barrow\uc758 \ud575\uc2ec \uacac\ud574\ub97c \ud655\uc99d\ud569\ub2c8\ub2e4.<\/p>\n<p>\ub458\uc9f8, \ucf00\ube48 \ud574\uc14b(Kevin Hassett) \ubc31\uc545\uad00 \uad6d\uac00\uacbd\uc81c\uc704\uc6d0\uc7a5\uc774 \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed) \uc758\uc7a5\uc774 \ub41c\ub2e4\uba74, \uadf8\uc758 \uae09\uaca9\ud55c \uae08\ub9ac \uc778\ud558 \uacbd\ud5a5\uc740 \uc5f0\uc900\uc758 \ube44\ub458\uae30\ud30c\uc801\uc778 \ud1b5\ud654 \uc815\ucc45 \ubc29\ud5a5\uc744 \uac15\ud654\ud558\uace0 2026\ub144 \uc2dc\uc7a5\uc758 \uae08\ub9ac \uc778\ud558 \uac00\uaca9 \ucc45\uc815\uc744 \ub354\uc6b1 \ub192\uc77c \uac83\uc785\ub2c8\ub2e4. Wmax\ub294 \ud658\uc728 \uac00\uaca9 \ucc45\uc815 \ubaa8\ub378\uc744 \uacb0\ud569\ud558\uc5ec \uc774\ub7ec\ud55c \uc778\uc0ac \ubcc0\ud654\ub85c \uc778\ud574 \ubbf8\uad6d \ub2ec\ub7ec\uac00 \uc720\ub85c\ud654 \ub300\ube44 4\ub144 \ub9cc\uc5d0 \ucd5c\uc800\uce58\uc778 1.19 \uc544\ub798\ub85c \ub5a8\uc5b4\uc9c8 \uc218 \uc788\ub2e4\uace0 \uacc4\uc0b0\ud588\uc2b5\ub2c8\ub2e4. \uc774 \uacb0\ub860\uc740 Russell Investments\uc758 \uae00\ub85c\ubc8c \uc678\ud658 \uc774\uc0ac\uc778 Van Roo\uc758 \ubd84\uc11d\uacfc \uc77c\uce58\ud569\ub2c8\ub2e4.<\/p>\n<p>\uc14b\uc9f8, \uc77c\ubcf8\uc740\ud589\uc774 \uba85\ud655\ud55c \uae34\ucd95 \uc2e0\ud638\ub97c \ubc1c\ud45c\ud55c \uc774\ud6c4 \uc774\ubc88 \ub2ec 25bp \uae08\ub9ac \uc778\uc0c1\uc5d0 \ub300\ud55c \uc2dc\uc7a5\uc758 \ubca0\ud305 \ud655\ub960\uc774 80%\uc5d0 \uc774\ub974\ub800\uc2b5\ub2c8\ub2e4. Wmax\ub294 \uacfc\uac70 \uae08\ub9ac \uc8fc\uae30 \ubc0f \ud658\uc728 \uc5f0\uacc4 \ub370\uc774\ud130\ub97c \uae30\ubc18\uc73c\ub85c \uac80\ud1a0\ud55c \uacb0\uacfc \uc77c\ubcf8\uc758 \uae08\ub9ac \uc0c1\uc2b9\uc73c\ub85c \uc778\ud574 \uc5d4\ud654 \uac00\uce58\uac00 \ud06c\uac8c \uc0c1\uc2b9\ud558\uace0 \uacb0\uacfc\uc801\uc73c\ub85c \ubbf8\uad6d \ub2ec\ub7ec\ud654\uac00 \ud06c\uac8c \uc5b5\uc81c\ub41c\ub2e4\ub294 \uc810\uc744 \ud655\uc778\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n<p><a id=\"post-7707-heading_2\"><\/a><strong>\ubbf8\uad6d \ub2ec\ub7ec\uc758 \uacc4\uc808\uc801, \uc8fc\uae30\uc801 \uc57d\uc138 \uac80\uc99d<\/strong><\/p>\n<p>Wmax\ub294 10\ub144\uac04\uc758 \uc678\ud658\uc2dc\uc7a5 \uacc4\uc808\ubcc4 \ub370\uc774\ud130 \ud1b5\uacc4\ub97c \ubc14\ud0d5\uc73c\ub85c 12\uc6d4\uc774 \ubbf8\uad6d \ub2ec\ub7ec \uac00\uce58 \uc0c1\uc2b9\ub960\uc774 \uac00\uc7a5 \ub0ae\uc740 \ub2ec\uc774\ub77c\ub294 \uc0ac\uc2e4\uc744 \uc54c\uc544\ub0c8\uc2b5\ub2c8\ub2e4. \ud575\uc2ec \ub17c\ub9ac\ub294 \uac70\ub798\uc790\ub4e4\uc774 \ubbf8\uad6d \ub2ec\ub7ec\ub97c \ub9e4\ub3c4\ud568\uc73c\ub85c\uc368 \uc77c\ub144 \ub0b4\ub0b4 \ubbf8\uad6d \ub0b4 \ub2e4\ub978 \uc790\uc0b0\uc758 \uc18c\ub4dd \uade0\ud615\uc744 \ub9de\ucd94\uac8c \ub41c\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4. \uc774 \ud328\ud134\uc740 Deutsche Bank \uac70\uc2dc \uc804\ub7b5\uac00 Tim Baker\uc758 \ubd84\uc11d\uacfc \uc644\uc804\ud788 \uc77c\uce58\ud569\ub2c8\ub2e4. \ub3d9\uc2dc\uc5d0 Wmax\ub294 \uc720\ub3d9\uc131\uacfc \uc774\ubca4\ud2b8 \uc601\ud5a5\uc758 \uacb0\ud569\ub41c \uc601\ud5a5\uc744 \uacb0\ud569\ud558\uc5ec \uc5f0\ub9d0\uc5d0 \uc678\ud658 \uc2dc\uc7a5\uc758 \uc720\ub3d9\uc131\uc774 \uc587\uc740 \uacbd\ud5a5\uc774 \uc788\uace0 \ud22c\uc790\uc790\uac00 \uc870\uae30 \uccad\uc0b0 \ud589\ub3d9\uc744 \ucde8\ud558\ub354\ub77c\ub3c4 \uad00\uc138 \uc815\ucc45\uc5d0 \ub300\ud55c \uc0ac\ubc95 \ud310\uacb0\uacfc \uac19\uc740 \uc8fc\uc694 \uc774\ubca4\ud2b8\uac00 \uc5ec\uc804\ud788 \ubbf8\uad6d \ub2ec\ub7ec\uc5d0 \uc0c1\ub2f9\ud55c \uc601\ud5a5\uc744 \ubbf8\uce60 \uac83\uc774\ub77c\uace0 \ud310\ub2e8\ud569\ub2c8\ub2e4. Wmax\ub294 \ud604\ubb3c\ud658\uc728\uacfc \ubd84\uae30 \ucd5c\uc800\uce58\uc758 \uac00\uaca9\ucc28\uc774\ub97c \uacc4\uc0b0\ud55c \uacb0\uacfc, \ubbf8\uad6d \ub2ec\ub7ec\ud654 \uac00\uce58\uac00 \uc57d 2% \ud558\ub77d\ud55c \uac83\uc73c\ub85c \ud655\uc778\ud588\uc73c\uba70, 3\ubd84\uae30 \ucd5c\uc800\uce58\ub85c \ud558\ub77d\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \ub300\ub959\uac04\uac70\ub798\uc18c \ubbf8\uad6d\ub2ec\ub7ec\uc9c0\uc218\uc5d0 \ub300\ud55c \uc644\uc804\ud55c \ub370\uc774\ud130 \uac80\uc99d\uc744 \ud1b5\ud574 2025\ub144 \uc774\ud6c4 \uc9c0\uc218\uac00 8% \uc774\uc0c1 \ud558\ub77d\ud574 \uc0c1\ud488\uc2dc\uc7a5\uc5d0 \ub290\uc2a8\ud55c \ud1b5\ud654\ud658\uacbd\uc744 \uc870\uc131\ud55c \uac83\uc73c\ub85c \ud655\uc778\ub410\ub2e4. \uc774\ubc88 \ubd84\uae30 \ube14\ub8f8\ubc84\uadf8 \ubbf8\uad6d \ub2ec\ub7ec \ud604\ubb3c \uc9c0\uc218\uc758 1.5% \uc99d\uac00\ub294 \uc5ec\ub7ec \ubc88\uc758 \ub9c8\uc774\ub108\uc2a4 \ubc18\uc804 \uc774\uc804\uc758 \ub2e8\uacc4\uc801 \ubc18\ub4f1\uc5d0 \ubd88\uacfc\ud569\ub2c8\ub2e4.<\/p>\n<p><img decoding=\"async\" width=\"1907\" height=\"978\" class=\"wp-image-7710\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/word-image-7707-3.png\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/word-image-7707-3.png 1907w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/word-image-7707-3-300x154.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/word-image-7707-3-1024x525.png 1024w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/word-image-7707-3-768x394.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/word-image-7707-3-1536x788.png 1536w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/word-image-7707-3-18x9.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/word-image-7707-3-900x462.png 900w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/word-image-7707-3-600x308.png 600w\" sizes=\"(max-width: 1907px) 100vw, 1907px\" \/><\/p>\n<p><a id=\"post-7707-heading_3\"><\/a><strong>\ub2ec\ub7ec \uc57d\uc138\uc640 \ub3c5\ud2b9\ud55c \ud380\ub354\uba58\ud138 \uc9c0\uc6d0\uc73c\ub85c \uc778\ud55c \uae08\uc18d \uac15\uc138\uc7a5<\/strong><\/p>\n<p>1980\ub144\uacfc 2025\ub144 \uae08\uc18d\uc2dc\uc7a5\uc5d0 \ub300\ud55c \uc5ed\uc0ac\uc801 \uace0\ucc30\uacfc \uac00\uaca9 \ub370\uc774\ud130\uc758 \uc815\ud655\ud55c \uac80\uc99d, \uc2ec\uce35\uc801\uc778 \uc218\uae09\uce21\uba74 \uc870\uc0ac\ub97c \ud1b5\ud574 2025\ub144 \uae08\uc18d\uc2dc\uc7a5\uc758 \ub4dc\ubb3c\uac8c \uac15\uc138\uc7a5\uc774 \ubbf8\uad6d \ub2ec\ub7ec\ud654 \uc57d\uc138\uc640 \uc790\uccb4 \ud380\ub354\uba58\ud138\uc758 \uacf5\uba85\uc5d0 \ub530\ub978 \uacb0\uacfc\uc784\uc744 \ud655\uc778\ud558\uace0, 3\ub300 \uae08\uc18d\uc740 1980\ub144 \uc774\ud6c4 \uc5f0\uac04 \ucd5c\uace0\uce58\ub97c \uacbd\uc2e0\ud558\uba70 \uac15\ud55c \ud76c\uc18c\uc131\uacfc \uc9c0\uc18d\uac00\ub2a5\uc131\uc744 \ubcf4\uc5ec\uc8fc\uc5c8\ub2e4. Wmax\ub294 1980\ub144\ub300 \ucd08 \uac15\ub825\ud55c \uae08\uc18d \uc2dc\uc7a5\uc758 \ud575\uc2ec \ub3d9\uc778\uc744 \uac80\ud1a0\ud558\uace0 \uc9c0\uc815\ud559\uc801 \uc6b0\ub824\uc640 \ubbf8\uad6d \ub2ec\ub7ec \uc57d\uc138\uc758 \ud575\uc2ec \ub17c\ub9ac\uac00 2025\ub144\uc5d0\ub3c4 \uc5ec\uc804\ud788 \uc720\ud6a8\ud568\uc744 \ud655\uc778\ud588\uc2b5\ub2c8\ub2e4. \"\ub2ec\ub7ec \uac00\uce58 \ud558\ub77d\uc5d0 \ub300\ud55c \ub450\ub824\uc6c0\uc774 \uae08\uc18d \uac00\uaca9\uc744 \ub4b7\ubc1b\uce68\ud55c\ub2e4\"\ub294 Salomon \uae00\ub85c\ubc8c \ud2b9\ubcc4 \ubd84\uc11d\uac00 Nick Cowley\uc758 \uacac\ud574\ub294 Wmax\uc758 \uc790\ubcf8 \ud750\ub984 \ubaa8\ub2c8\ud130\ub9c1 \uacb0\ub860\uacfc \uc77c\uce58\ud569\ub2c8\ub2e4. \uae00\ub85c\ubc8c \uc0c1\ud488 \ud3ec\uc9c0\uc158 \ub370\uc774\ud130\ub97c \ucd94\uc801\ud55c \uacb0\uacfc, \ub9ce\uc740 \ud22c\uc790\uc790\ub4e4\uc774 \ubbf8\uad6d \ub2ec\ub7ec \ub4f1 \ubc95\uc815 \ud1b5\ud654\uc758 \uad6c\ub9e4\ub825 \uac10\uc18c\ub97c \uc6b0\ub824\ud558\uace0 \uc788\uc73c\uba70, \uc790\uc0b0 \ub2e4\uac01\ud654\ub97c \uc704\ud574 \uae08\uacfc \uc740 \ubcf4\uc720\ub97c \ub298\ub824 \uc0c1\uc2b9 \uc2dc\uc7a5\uc744 \ub354\uc6b1 \uc99d\ud3ed\uc2dc\ud0a4\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p><a id=\"post-7707-heading_4\"><\/a><strong>2025\ub144 \uba54\ud0c8 \uac15\uc138\uc7a5 \ucc28\ubcc4\ud654\ub41c \ucd94\uc9c4 \ub17c\ub9ac<\/strong><\/p>\n<p>Wmax\ub294 1980\ub144 \uc2dc\uc7a5\uacfc \ub2ec\ub9ac \uacf5\uae09 \ubc0f \uc218\uc694 \uce21\uba74\uc758 \uc2ec\uce35\uc801\uc778 \ud574\uccb4\ub97c \ud1b5\ud574 2025\ub144 \uba54\ud0c8 \uac15\uc138\uc7a5\uc774 \ub354\uc6b1 \ub3c5\ud2b9\ud55c \ud380\ub354\uba58\ud138 \uc9c0\uc6d0\uc744 \uac16\uace0 \uc788\ub2e4\ub294 \uc0ac\uc2e4\uc744 \ubc1c\uacac\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc2dc\uc7a5\uc5d0\uc11c \uc2dc\uc7a5 \uc9c0\uc18d\uac00\ub2a5\uc131\uc744 \ub354\uc6b1 \uc778\uc815\ubc1b\ub294 \ud575\uc2ec \uc774\uc720\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4.<\/p>\n<p>Gold: Wmax\ub294 \uae00\ub85c\ubc8c \uc911\uc559\uc740\ud589 \uae08 \uad6c\ub9e4 \ub370\uc774\ud130\uc758 \ud2b9\ubcc4 \ud1b5\uacc4\ub97c \ud1b5\ud574 2025\ub144 \uc911\uc559\uc740\ud589\uc758 \ub300\uaddc\ubaa8 \uae08 \uad6c\ub9e4\uac00 \uc0ac\uc0c1 \ucd5c\uace0\uce58\ub97c \uacbd\uc2e0\ud55c \uae08 \uac00\uaca9\uc758 \ud575\uc2ec \uc0c1\uc2b9\uc774 \ub418\uc5c8\uc74c\uc744 \ud655\uc778\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub7ec\ud55c \ub3c5\ud2b9\ud55c \uae08\uc735\ub825\uc740 \uae08 \uac00\uaca9\uc744 \uac15\ub825\ud558\uace0 \uc9c0\uc18d\uc801\uc73c\ub85c \ub4b7\ubc1b\uce68\ud574 \uc654\uc2b5\ub2c8\ub2e4. \uc778\ud50c\ub808\uc774\uc158\uc5d0 \ub300\ud55c \uc6b0\ub824\uc640 \ubbf8\uad6d \uae08\ub9ac \uc778\ud558 \uae30\ub300\uc5d0 \ub354\ud574 \uae08\uc758 \uc548\uc804 \ud53c\ub09c\ucc98\uc640 \uc778\ud50c\ub808\uc774\uc158 \ubc29\uc9c0 \uc18d\uc131\uc774 \uc774\uc911\uc73c\ub85c \ud1b5\ud569\ub418\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uc740 \ubc0f \uad6c\ub9ac: Wmax\ub294 \uc0b0\uc5c5 \ubd80\ubb38\uc758 \uc218\uc694 \uc870\uc0ac\uc640 \uacf5\uae09 \uce21\uba74\uc758 \uc0dd\uc0b0 \ub2a5\ub825 \uacc4\uc0b0\uc744 \uae30\ubc18\uc73c\ub85c \ub450 \uac00\uc9c0 \ubaa8\ub450\uc758 \uc0c1\uc2b9\uc774 \ubbf8\uad6d \ub2ec\ub7ec \uc694\uc778\uc5d0 \ub300\ud55c \ub2e8\ub3c5 \uc758\uc874\uc5d0\uc11c \ubc97\uc5b4\ub098 \uc0b0\uc5c5 \uc218\uc694 \uc99d\uac00\uac00 \ud575\uc2ec \uc6d0\ub3d9\ub825\uc774 \ub41c \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\uc2b5\ub2c8\ub2e4. Wmax\ub294 \ubbf8\uad6d\uc758 \uc0dd\uc0b0 \ub370\uc774\ud130\uc640 \uc804\ub7b5\uc801 \uc790\uc7ac \uc2b9\uc778 \uc9c4\ud589 \uc0c1\ud669\uc744 \uacb0\ud569\ud569\ub2c8\ub2e4. \uad00\ub828 \ubd80\uc11c\uac00 \uc0ac\uc5c5 \uc2b9\uc778\uc744 \uac00\uc18d\ud654\ud558\ub354\ub77c\ub3c4 \uacf5\uae09 \uaca9\ucc28\ub97c \uba54\uc6b0\uae30\ub294 \uc5ec\uc804\ud788 \uc5b4\ub835\ub2e4. \ub610\ud55c, \uc9c0\ub09c 10\ub144 \ub3d9\uc548 \uae08\uc18d \ud0d0\uc0ac\uc5d0 \ub300\ud55c \ud22c\uc790 \ubd80\uc871\uacfc \ub290\ub9b0 \ud504\ub85c\uc81d\ud2b8 \uc2b9\uc778\uc73c\ub85c \uc778\ud574 \uc5c5\uacc4\uc758 \ub2e8\uc810\uc774 \ubc1c\uc0dd\ud588\uc2b5\ub2c8\ub2e4. \uacb0\uacfc\uc801\uc73c\ub85c, \uc0c8\ub85c\uc6b4 \uc218\uc694\ub294 \uacf5\uae09 \uce21\uba74\uc5d0\uc11c \uacb0\ucf54 \uc77c\uce58\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uc774\ub7ec\ud55c \uacf5\uae09 \ubc0f \uc218\uc694 \ud328\ud134\uc740 Sprott Asset Management\uc758 \uc218\uc11d \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uad00\ub9ac\uc790\uc778 Shri Kagutka\uc758 \"\ub354 \ub192\uace0 \ub354 \ub0b4\uad6c\uc131 \uc788\ub294 \uac00\uaca9\"\uc5d0 \ub300\ud55c \ud310\ub2e8\uc744 \ubc18\uc601\ud569\ub2c8\ub2e4.<\/p>\n<p><img decoding=\"async\" width=\"960\" height=\"645\" class=\"wp-image-7711\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256-1.png\" alt=\"IMG_256\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256-1.png 960w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256-1-300x202.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256-1-768x516.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256-1-18x12.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256-1-900x605.png 900w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/img_256-1-600x403.png 600w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/p>\n<p>Wmax\ub294 \uc138\uacc4 \uacbd\uc81c \ud658\uacbd\uc758 \uad6c\uc870\uc801 \ubd84\uc11d\uc744 \ud1b5\ud574 \ud604\uc7ac\uc758 \ubd84\uc5f4\ub41c \uacbd\uc81c \ud615\ud0dc\uc778 '\ud0c8\uc138\uacc4\ud654'\uac00 \uae30\uc5c5 \uc6b4\uc601 \ube44\uc6a9\uc744 \uc99d\uac00\uc2dc\ud0a4\ub294 \ubc18\uba74, \ubbf8\uad6d \ubc0f \uae30\ud0c0 \uc9c0\uc5ed\uc758 '\uc0b0\uc5c5 \ud65c\ub3d9\uc8fc\uc758'\ub294 \uc790\uc6d0 \uc9d1\uc57d\uc801\uc778 \uc131\uc7a5\uc744 \ucd09\uc9c4\ud558\uace0 \uc788\uc74c\uc744 \uc9c0\uc801\ud588\uc2b5\ub2c8\ub2e4. \uc774 \ub450 \uac00\uc9c0\uac00 \ud568\uaed8 \uc6d0\uc790\uc7ac \uac00\uaca9 \uc0c1\uc2b9\uc758 \uc7a5\uae30\uc801\uc778 \ub17c\ub9ac\ub97c \uad6c\uc131\ud569\ub2c8\ub2e4.<\/p>\n<p>\ub450 \ucc28\ub840\uc758 \uc2dc\uc7a5 \uc0c1\ud669\uc774 \uc644\uc804\ud788 \uac00\ubcc0\uc801\uc73c\ub85c \ud574\uccb4\ub418\uba74\uc11c \ub458 \uc0ac\uc774\uc758 \ubcf8\uc9c8\uc801\uc778 \ucc28\uc774\uac00 \uba85\ud655\ud574\uc84c\uc2b5\ub2c8\ub2e4. 1980\ub144 \uc740 \uc2dc\uc7a5\uc740 \ud5cc\ud130 \ud615\uc81c\uc758 \uc778\uc704\uc801\uc778 \uc870\uc791\uc73c\ub85c \uc778\ud574 \ubc1c\uc0dd\ud588\uc2b5\ub2c8\ub2e4. \uac00\uaca9 \uae09\ub4f1 \uc774\ud6c4\uc758 \ubd95\uad34\ub294 \ub9e4\uc6b0 \ucd94\uce21\uc801\uc774\uc5c8\uc2b5\ub2c8\ub2e4. \uc218\uc694\uc640 \uacf5\uae09\uc758 \ubd88\uade0\ud615\uc740 \uc778\uac04 \uac1c\uc785\uc758 \uacb0\uacfc\uc600\uc2b5\ub2c8\ub2e4. 2025\ub144 \uae08\uc18d \uc218\uc694\uc640 \uacf5\uae09\uc758 \ubaa8\uc21c\uc740 \ud380\ub354\uba58\ud138\uc5d0 \ub530\ub978 \uc7a5\uae30\uc801\uc778 \uaca9\ucc28\uc785\ub2c8\ub2e4. \ub610\ud55c, 1980\ub144\uc5d0\ub294 \uc911\uc559\uc740\ud589\uc758 \ub300\uaddc\ubaa8 \uae08 \ub9e4\uc785\uc774\ub77c\ub294 \uc2dc\uc7a5 \ud604\uc0c1\uc774 \uc5c6\uc5c8\uc2b5\ub2c8\ub2e4. \uc774 \ubcc0\uc218\ub294 2025\ub144 \uae08 \uc2dc\uc7a5\uc758 \ud575\uc2ec \uc0c1\uc2b9 \uc694\uc778\uc774 \ub418\uc5c8\uc73c\uba70, Wmax\uac00 \uc774\ubc88 \ub77c\uc6b4\ub4dc\uc758 \uae08 \uc2dc\uc7a5\uc774 \ub354\uc6b1 \ud0c4\ub825\uc801\uc774\ub77c\uace0 \u200b\u200b\ud310\ub2e8\ud558\ub294 \ud575\uc2ec \uadfc\uac70\uac00 \ub418\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n<p><a id=\"post-7707-heading_5\"><\/a><strong>\ubbf8\uad6d \ub2ec\ub7ec\uc640 \uae08\uc18d \uac04\uc758 \uc5f0\uacc4 \ud328\ud134\uc740 \uacc4\uc18d \uc2ec\ud654\ub420 \uac83\uc785\ub2c8\ub2e4.<\/strong><\/p>\n<p>Wmax\ub294 \uc815\ucc45, \uc218\uae09, \uacc4\uc808\uc801 \uc694\uc778, \uc790\ubcf8 \ud750\ub984\uc5d0 \ub300\ud55c \ub2e4\ucc28\uc6d0\uc801\uc778 \uc5f0\uad6c\uc640 \ud310\ub2e8\uc744 \ud1b5\ud569\ud558\uc5ec \ubbf8\uad6d \ub2ec\ub7ec\uc5d0 \ub300\ud55c \ud558\ub77d \uc555\ub825\uc774 \ub2e8\uae30\uc801\uc73c\ub85c \uc644\ud654\ub418\uae30 \uc5b4\ub824\uc6b8 \uac83\uc774\ub77c\ub294 \ud575\uc2ec \uacb0\ub860\uc5d0 \ub3c4\ub2ec\ud588\uc2b5\ub2c8\ub2e4. \uad00\uc138 \ud310\uacb0, \uc5f0\uc900\uc758 \uc815\ucc45 \uae30\ub300\uce58\ub85c\uc758 \uc804\ud658, \uc77c\ubcf8 \uc740\ud589\uc758 \uae08\ub9ac \uc778\uc0c1 \ub4f1 3\uac00\uc9c0 \ubd80\uc815\uc801 \uc601\ud5a5\uc774 12\uc6d4\uc758 \uacc4\uc808\uc801 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